Got a chunk of change lying around? With a book of business north of $5.5 billion, Rosemary Vrablic, a managing director in the asset and wealth management division at Deutsche Bank, can help.
Private banking is loosely defined as personalized financial services offered by banks to their high-net-worth clients. And the top providers are largely holding steady, according to 2011 year-end results from U.K.-based private wealth management consultancy and research firm Scorpio Partnership.
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In August, Deloitte’s global headquarters relocated to a new 430,000-square-foot office at 30 Rockefeller Plaza, for which the company had inked an 18-year lease in early 2011. Over the past year, Deloitte expanded to 193,000 professionals globally, with more than 51,400 new hires. In New York, its workforce shot up seven percent to nearly 5,400 professionals, according to officials at the global professional services firm.

“It was a real estate strategy in place to ensure our office space throughout the tristate [area] provides a work environment that enables productive collaboration of our professionals, maximizes space efficiencies and is economically beneficial,” said Henry Phillips, a vice chairman and northeast regional managing partner with Deloitte.

In 2012, Deloitte was one among many of New York’s top 25 accounting firms to embark on a hiring spree that would subsequently trigger a massive hunt for expansion space, analysts told The Commercial Observer. In the past few months, several accounting firms closed deals for new offices in Manhattan.

“We had outgrown the previous space,” said Barry Garfield, the managing partner of Holtz Rubenstein Reminick LLP, which by Nov. 1, is expected to have completed its move to a new 29,271-square-foot office at One Penn Plaza from the current 14,360 square-foot office at 1430 Broadway. “Now there is space for future growth,” Mr. Garfield said.
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Training for a marathon while working a full-time job would be a challenge for anyone. But working up to that 26.2-mile mark while simultaneously doing your part to contribute to a nation-wide book of transactions that over the last 18 to 20 months included the origination of more than $20 billion in commercial real estate loans might pose its own set of challenges.

Steve Kenny, Bank of America’s commercial real estate banking executive for New York and New Jersey, is doing just that, though. And when he takes to the starting line for the ING New York City Marathon November 4 to set out on a course that will take him through all the five boroughs, the challenges he’ll face will in many ways be business as usual.
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